Sweden's Trelleborg AB is buying another seal company, this time a North Carolina-based distributor of polymer seals for its Sealing Solutions business.
Carolina Seal Inc., based in Charlotte, specializes in seals, such as O-rings, hydraulic seals and 'speciality kitting,' with transport equipment, particularly products for the transport of chemicals its biggest market. It reports annual sales of $5.6 million, according to Trelleborg, which is based in Trelleborg, Sweden.
The bolt-on acquisition, Trelleborg said, is part of the company's strategy to strengthen its positions in "attractive" market segments.
"The acquisition is a good fit and gives us the opportunity to enter the fast-growing chemical transportation sub-segment," said Claus Barsoe, president of the Trelleborg sealing solutions business area. The US business, he added, "is well-known to us and we are impressed with their engineering knowledge and the service they provide to customers."
The transaction is expected to be completed within the first quarter of 2017.